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  • TWC is the wine swilling mayor of Two Guns Arizona who was formerly a prolific wine blogger. Some of that remains and to get right to the wine reviews without further distraction, click The Wine Commonsewer Speaks. The rest of the enchilada is an eclectic mix of commentary on culture, food, tax, and econ 101.

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January 26, 2008

2008 IRS Standard Mileage Rates

Good Morning Gentle Readers,

As an employer you may reimburse your employees who drive personal vehicles for business reasons up to the IRS standard rate. Anything above the standard mileage rate is required to be reported to IRS.

As an employee you may deduct up to 50.5 cents per mile of business travel that you were not reimbursed for.

In either case, to fly in an audit there must be adequate records. Employers will need an expense report from the employee documenting the miles driven. Easy enough to do with modern day planners and PDA's.

BTW, commuting is not business miles unless you are a construction worker.

2008 Standard Mileage Rates are as follows:

  • Business miles: 50.5 cents per mile
  • Charitable Services: 14.0 cents per mile
  • Medical Travel: 19.0 cents per mile

As Ever,

TWC

TWC 🍷

Photo Credit (unless otherwise noted): ©TWC, all rights reserved

Posted by on January 26, 2008 at 10:11 AM in Tax Information |

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